All speculation here but it could be any of these things:
New HQ building. The company has been on record in saying that the new HQ building will not impact their cash position. So this should not be an issue. Would be a complete shocker if this was the reason.
VB-111: I believe the company has said they have enough money to fund ph3 rGBM. Perhaps the money is in anticipation for the funding needed after ph3? But the end of ph3 won't happen until 2018. Why do the funding in 2016? And why not do the funding when the stock price is higher (assuming news of approval comes out). So this scenario doesn't make sense.
VB601, NASH and other pre-clinical candidates: None of these on their own requires $20MM for ph 1/2, imo. Perhaps it is to fund multiple candidates? In Q2 2015 the company was burning $2.5MM per quarter. This was when VB-111 was in ph2 for rGBM and earlier phases for Ovarian and Thyroid. But keep in mind the burn rate was to also fund general and administrative costs. The trial costs had lower burn rates on their own. So this $20MM funding is pretty significant even if it's for the pre-clinical candidates.
Acquisition? Highly unlikely but who knows?
The last funding is definitely a head scratcher. Hopefully 2017 is a great year and we are all pleasantly surprised by the reason.
Recent VBLT News
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